Barracuda reports £336,000 loss for 2009

Barracuda Group has posted a £336,000 pre-tax loss on a turnover of £33m for 2009.

The firm, which manages pubs under the Smith & Jones, Varsity, Barracuda Bar, Juniper and Cape brands warned that the pub industry continued to face "considerable challenges" due to the recession and increasing duty charges from the Government.

But the firm, which operates 80 freehold pubs and 142 leasehold properties, said that it could cope with the pressures of the economy and that its "larger than average" pubs meant that it could continue to grow food sales.

Last year Barracuda underwent a refinancing exercise which saw it reduce its debt from £247m to £163m.

The deal allowed Barracuda to spend around £3.5m on investing in its pubs, including a new format for Smith & Jones.

The total amount owed to creditors for the group now stands at £199,832.

Barracuda’s Varsity bars target fresher students with promotions >>

Barracuda cuts debts through financial restructure >>

Richard Jones becomes a northern area manager for Barracuda >>


By Neil Gerrard

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